Member Info for Kando

"Where was the money coming from? How did they pay the wages?"

They've been selling off many "non-core" parts of the business for two years to keep the debt from ballooning, haven't you noticed?

"If the accounts are not catastrophic an EGM likely going to be called. All the problems seem to be with the leadership not the company itself. That can be changed."

This is just very sad now. Please stop Ice.

They've told us the accounts are bad.

The accounts are bad.

Disagree Monty, would be fairly easy to match or improve upon Sidara's funding package if bidding against them. Nothing as yet has changed, no funding transferred, there are simply agreed terms. Those terms can be replicated by any other bidder. If lenders have agreed to those terms, there's no reason they would balk at the same or improved terms from anyone else.

I think that's the first Icecool comment I've ever been able to upvote. Wild times.

"shareholders are not required to take any action in relation to the Possible Offer."

You weren't advised to do nothing solent, you were advised not to do anything in relation to the possible offer, which was/is the correct advice given that it was at that time not guaranteed to materialize, and also at that time (and still) the least worst outcome for holders.

It did not advise you to take no action in relation to the business as a whole, which has very obviously been struggling. You could have sold/bought at any time in relation to the Review, misstated accounts, delayed accounts, poor trading etc... and the company didn't advise you not to. You're misrepresenting what they said. It was purely "in relation to the Possible Offer", not a "HOLD YOUR SHARES, WE GOT THIS, TRUST US" bulletin.

"How can Wood be worth 30p when it was worth nearly 10 times just last year?!!"

Simply, it wasn't worth that last year. Sidara walked away when they realized, like Apollo walked away when they realized. We found out this year they had been misstating their accounts and breaching debt covenants through that time, hiding that from the market and lenders.

"There are plenty of big contracts to win until end of October, WG could pull out last minute due to a huge contract win that changes everything."

Per the RNS daz, order book weakness is not Wood's problem, but that contract start dates are too slow/late to save Wood from the current crisis. They also seemed to suggest customers were put off by Wood's current predicament and delayed project/contract starts into the future, so that presumably by which time, the dust will have settled and Wood's future more certain.

Contract wins help with the overall value of the business, should anyone else be tempted to enter a bidding war, but they don't/haven't yet helped Wood stave off the current takeover and aren't really likely to.

I think 23-25p would be overpricing those conditional risks. I don't think the company and Sidara would have come to the terms they have if they didn't expect them to be achieved. A 20-30% discount for it seems excessive such that it seems wholly unrealistic, every trader would make that trade.

Swingman - I think you are 100% wrong.

Small investors won't benefit one jot from administration. Creditors sit above shareholders in priority. Administration would mean 100% equity wipeout.

This ought to be obvious, but apparently for some, it is not.

The company explained why under the bid, they said they'd found new loss making contracts, trading had worsened and they were having to do extra work to get the going concern statements signed off - aka, the company's situation is/was so parlous that the auditors needed the asset sales/agreements with lenders to modify the debt in place before they'd sign off on "this company will still be trading in 12 months". Who knows, maybe yet more asset sales will be required before we see the auditors happy enough to sign them off. Neither Wood nor Sidara have any control over the auditing standards and it's not in KPMG's interest to rubber stamp everything just to get someone else's deal over the line. They've an already damaged reputation to rebuild after multi-year misstated accounts at Wood.

Sorry correction I meant to say *there'll be plenty of selling pressure at 28p.

"I think it's fair to say that when it re-trades there will be a mad scramble and price my go above the 30p temporarily as shorts exit and buyers come in. These are market dynamics so even someone who has bought at 30p will have the opportunity to make a profit."

I don't believe that's fair to say at all. There has to be buyers above 30p, and why would any buy above 30p on a recommended bid of 30p. It's either a guaranteed loss or pure speculation on another bidder. Shorters will simply buy back their shares at 28p into those traders looking for the last 5-10% in the offer/final takeover uncertainty spread. There'll be plenty buying demand at 28p to unload what shorts there are. It's not some meme stock, the short positions are not that big.

"I’m expecting a 35p open with a spike to 50p"

This could only really happen if there were another bidder or a credible report of a competing bid being prepared. So whether it's right to expect that depends on how certain you are this has been mispriced and how much appetite there is in the market to buy such a company. It's certainly possible, but it feels like a reach for anyone to say they are "expecting" it.

I imagine it would open between 28-29p and stay glued to that range. It's not going to be disorderly trading trying to find a level. The offer has set the level. If it trades again it's because the accounts are out, and if the accounts are out, the offer conditionality is met and that offer is 30p.

From yesterday's RNS, Section: 3. Update on Wood's progress for its stakeholders.

"Wood's trading so far in 2025 has been impacted by the difficult situation the Wood Group has faced. Despite significant growth in Wood's order book, delays in both expected award dates and work start dates, partly driven by client sentiment around the uncertainty of Wood's future, and reduced access to uncommitted facilities, such as performance bonds and receivables financing, negatively impacted first half performance. The combination of these factors, along with a more challenging market environment for Consulting and higher exceptional costs related to Wood's situation, have increased average net debt levels so far this year. The absence of receivables financing also led to a higher net debt position at 30 June 2025."

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For anyone getting too far over their skis, this section should temper the enthusiasm of the conspiracy theorists who say that the accounts are going to be fine and Sidara are contriving to steal a perfectly healthy company. Order book is up, but overall performance otherwise sounds like it is down so far. Net debt is up. So Wood's position has continued to deteriorate and it's unclear if the trajectory is improving yet. It wouldn't be altogether surprising if in the trading update next year's FCF forecast is again downgraded in light of poor trading.

We can hope for other bidders to improve on Sidara's offer, but we should remain mindful that Wood's situation is still not stabilized.

"And if I was truly short I would be ultra negative like you… 🤔🤦‍♂️🤦‍♂️"

You ARE ultra negative. You've been against the only form of salvation for shareholders from the outset. Relentlessly against the one suitor that would rescue ANY shareholder value. You are beyond simply negative. You're a fool and a turkey relentlessly agitating for Christmas.

"Kando do you really think debt for equity is in play after today’s 110m disposal RNS. Jesus Christ you are truly an idiot of the highest order."

Speak for yourself. Take it up with the board, its advisors, Sidara, its lenders and the institutional investors. Again from today's RNS:

"There are significant challenges in accessing new sources of capital absent a holistic refinancing of Wood, which would potentially require: (i) further substantial asset disposals (with resulting loss of profit and cash flow, if these businesses are separated from Wood), (ii) raising new capital on terms that would, after dilution, likely leave limited to de minimis value for the current Wood Shareholders, or (iii) a combination of both (i) and (ii).

· The Wood Directors believe that any alternative refinancing option would likely generate materially less, and potentially zero, value for Wood Shareholders relative to the terms of this recommended Acquisition."

You're not arguing with me anymore, you're simply arguing with the RNS. So kindly be civil.

" I don’t panic or obsess"

Yet here you are, panicking and obsessing.

Your short is cooked friend. It's time to call it a day. The debt for equity plan you wanted looks to have been avoided. This bid sets a floor under the share price, but not a ceiling, and you'll never get it down where you want it to, no matter what you say or how much you spam. And pretending to be long with a low average is a joke. You're long with a high average, then once you got trapped, you went for a short you put on as a failed hedge based on your belief that the takeover would fall through, that's now all backfired. Own it at least.

What an embarrassing email.

If that employee had been there for 12 years, he'd know that what sunk Wood predated Ken's tenure by some years. He's angry like a child is angry, at whoever he an email address for to be angry with.

"“Icecool bought in around 60 I believe”

That was indeed one of my many Tranche, I was buying loads at different times, it’s the average that ultimately counts though and mine is under 30p. What’s the point of me actually lying about that. I firmly took advantage of the chaos going into the suspension. I will be more annoyed about the opportunity lost than making reduced profits."

Hah. Admits to buying heavy in the 60s and 40s and 30s (and bragged to everyone at the time), but now wants everyone to believe his average is in the "low 20s".

Cool story bro.

" If alternative refinancing really = zero value, then explain why Wood announced $275m in disposals the same morning. That cash is real, it’s coming in, and it completely undermines the “de minimis” scare tactic wording."

Easy, because Wood is cash flow negative this year (and incidentally has been since 2017 with a total cash outflow of $1.5bn(!!!!)) and it's breached debt covenants so some lenders are agitating to pull the plug because they don't see that Wood has a the financing to continue trading. Selling off the family china to a pawn broker doesn't mean that the household isn't bankrupt. That cash is real and it's going straight back out the door to pay the credit card interest. It doesn't fix the hole in the balance sheet and it means Wood has incrementally fewer productive assets with which to generate cash from. No company ever got rich selling off productive parts of itself piecemeal.

I'm sorry Ice, but I would just say you don't understand business or "fundamentals" at all.